Wall Street says the recession is already here

STOCKS & BONDS

While the chairman of the Federal Reserve told Congress on Thursday that a recession can be averted, Wall Street sent Washington a different message: It's already here...

http://www.iht.com/articles/2008/01/18/business/18cndstox.php

Bush offers urgent deal to shore up U.S. economy
By Edmund L. Andrews
Published: January 18, 2008

Despite the rising prospect of a fiscal pump-priming effort from Washington, investors on Wall Street remained in a black mood as new data showed that the housing bust was getting worse and beginning to bring down the rest of the economy.

Full article - http://www.iht.com/articles/2008/01/18/business/usecon.php

Housing could be gateway to broader debt distress
Fri Jan 18, 2008 8:04am EST

By Pedro Nicolaci da Costa - Analysis NEW YORK (Reuters) - The U.S. housing market crash has exposed the mortgage industry's suspect lending standards, and investors now fear credit cards, car loans, and student debt could be the next sectors to...";

http://www.reuters.com/article/topNews/idUSN1756852120080118